- Ethereum pulls back from recent multi-month high
- Impending golden cross could revive the rally
- Momentum indicators ease from overbought conditions
ETHUSD (Ethereum) experienced a strong correction after peaking at 2,136, its highest level since April 2023. However, the 50-day simple moving average (SMA) is closing the gap with the 200-day SMA, where a potential golden cross could induce upside pressures.
Should the positive momentum strengthen, the bulls might attack the July resistance of 2,030, which also held strong in August 2022. A violation of that zone could pave the way for the recent high of 2,136 just shy of the 2023 peak of 2,142. Slicing through the latter, the price may then challenge the 2,200 psychological mark.
On the flipside, if the recent slide resumes, immediate support could be found at the May-June resistance of 1,928. Further declines could then come to a halt at the May support of 1,800. Even lower, the June bottom of 1,630 might provide downside protection.
In brief, ETHUSD experienced a strong pullback as the second largest cryptocurrency had reached extreme overbought conditions. However, the completion of a golden cross could help the bulls propel the price back above the 2,000 mark.
 experienced a strong correction after peaking at 2,136, its highest level since April 2023. However, the 50-day simple moving average (SMA) is closing the gap with the 200-day SMA, where a potential golden cross could induce upside pressures.){kind=link}